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Intel CEO Resigns After Discovery Of Relationship With An Employee

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Intel CEO Resigns After Discovery Of Relationship With An Employee

Intel Corporation (NASDAQ: INTC) CEO Brian Krzanich resigned Thursday and was immediately supplanted by CFO Robert Swan as interim CEO.

After five years in leadership, Krzanich, who also resigned from the board of directors, had been found to have violated Intel policy by having a past consensual relationship with an employee.

Why It’s Important

Krzanich led Intel through its expansion from central processing units to 5G wireless networks, artificial intelligence, cloud computing and more. However, his departure is not seen to hinder Intel’s strategic or financial pursuits.

The firm maintained outlook for a record second quarter on revenues around $16.9 billion and non-GAAP earnings per share around 99 cents vs. an 86-cent estimate.

"The Board believes strongly in Intel's strategy and we are confident in Bob Swan's ability to lead the company as we conduct a robust search for our next CEO,” Chairman Andy Bryant said in a press release. “Bob has been instrumental to the development and execution of Intel's strategy, and we know the company will continue to smoothly execute.”

What’s Next

Intel has initiated its search for a permanent CEO, and it will release second-quarter results July 26.

Intel's stock was trading up about 1.5 percent to $54.25 in Thursday's pre-market session.

Related Links:

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Analysts Applaud Intel's Beat-And-Raise Q1 Earnings

Image credit: Web Summit, Flickr

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